(740 ILCS 155/1) (from Ch. 132, par. 1)
Sec. 1.
When any person is bound, in writing, as surety for another
for the payment of money, or the performance of any other contract, apprehends
that his principal is likely to become insolvent or to
remove himself from the state, without discharging the contract, if a right of
action has accrued on the contract, he may, in writing, require the
creditor to sue forthwith upon the same; and unless such
creditor,
within a reasonable time and with due diligence, commences an
action thereon,
and prosecutes the same to final judgment and proceeds
with the enforcement thereof, the surety shall be
discharged; but such discharge shall not in any case affect the rights of
the creditor against the principal debtor.
(Source: P.A. 84-546.)
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